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Saturday, May 22, 2010

Cries in the wilderness..drowned by the Slick Oil(y) Execs

A few people, including this writer, have been consistently pointing out the "we keep the profits, but shift the losses and the risk to the public" mentality of Corporate America, especially the large corporations. We have been calling for more accountability in our systems, something that politicians of both parties are refusing to pursue and push. Obama's tacit support of BP's moves in containing the oil spill is an example. It does not appear likely that anyone from BP or the government will face criminal charges, even after committing one of the biggest crimes against Nature.

BP CEO Tony Hayward: Oil Spill Impact 'Very Modest' | Video Cafe: "The chief executive of BP has told Sky News he believes the massive Gulf of Mexico oil spill will end up having only a 'very, very modest' environmental impact.

Experts had feared the Deepwater Horizon disaster could have led to one of the worst environmental catastrophes in US history.

But the British oil giant has risked outrage along the Gulf Coast by predicting a far smaller impact.

Dr Tony Hayward said: 'I think the environmental impact of this disaster is likely to have been very, very modest.

'It is impossible to say and we will mount, as part of the aftermath, a very detailed environmental assessment but everything we can see at the moment suggests that the overall environmental impact will be very, very modest.'"


AIG Executives Won't Face Criminal Charges - WSJ.com: "Federal prosecutors will not bring criminal charges against current and former American International Group Inc. executives for their role surrounding financial contracts that nearly brought down the insurer about two years ago, according to people familiar with the matter.

The decision brings to a close a criminal investigation that, while mostly under wraps, was widely followed. The September 2008 bailout of AIG was one of the biggest and most shocking of the financial crisis, as trading by a noninsurance unit brought down one of the most iconic financial companies world-wide."

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